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Elon Musk’s X has received the Rhode Island Currency Transmission License, clearing the way for the platform to provide crypto payments and trading services.
With the acquisition of the license, X will be able to give 400 million users across the world access to cryptocurrency trading and payments.
X To Offer Crypto Payments To Users
The crypto space has another reason to cheer after Grayscale’s victory against the United States Securities and Exchange Commission (SEC) on the 29th of August. X (formerly Twitter) has acquired the necessary licenses to offer its users cryptocurrency payments and trading services. The move comes after the social media platform allowed the integration of NFTs as profile pictures at the beginning of 2022. According to reports, X received the Rhode Island Currency Transmission License earlier this week. This comes a few months after the platform announced its plan to integrate crypto trading directly into its platform. The company announced in April, stating that users would be able to access stocks, crypto, and other financial instruments through a partnership with eToro.
The Rhode Island Currency Transmission License is crucial for storing, transferring, and trading digital assets. It is applicable to all types of crypto entities and firms. This includes crypto wallets, crypto exchanges, and payment processors and intermediaries that hold the custody of user funds within wallets. However, it remains to be seen what specific crypto-payment features the platform will offer.
Elon Musk And Crypto
With X obtaining the Rhode Island Currency Transmission License, users on X can directly access crypto trading. X currently has over 400 million users. This would play a significant role in increasing crypto adoption, giving millions access to crypto. The move also comes at a time when governments across the world are becoming more open to accepting cryptocurrency and crypto payment services.
Musk acquired Twitter (now X) and is a firm believer in the crypto space. His association with crypto goes way back to 2021, when he first endorsed Bitcoin and Dogecoin. The latter turned into a firm favorite of Musk. Since acquiring Twitter, Musk has strived to reimagine and transform the platform into a comprehensive financial services platform, which also includes the addition of cryptocurrencies.
Twitter had already dabbled in the crypto space when it announced the integration of NFTs on the platform. The NFT integration allowed users to display their unique NFTs through profile pictures. However, users needed to be subscribed to the Twitter Blue service. This helped the platform generate significant revenue. Musk has stated that he wants to transform X into the ultimate “everything app.” He stated that the platform will be adding comprehensive communications and the ability to conduct the entire financial world through the app.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.